Socredible. A few days ago you posted the following:

" ....... until we make the necessary accounting corrections that would enable, in the economy as a whole, 'money' itself to properly REFLECT the realities of actual Production and Consumption.

That is not difficult to do, any government COULD do it, (though a Province would have to have a government its people were solidly behind to make the attempt.) If we do not recognize this problem, and start to take corrective measures NOW, overall debt levels, BOTH private and public, will grow exponentially at a rate faster than the increased economic activity they enable will ever allow them to be amortised, or even continue to be serviced through ever increasing taxation. And we will have a financial collapse of truly catastrophic proportions.

Which some may see as a "good" thing. Only what we're likely to get afterwards I hardly believe anyone who thinks that way will see any "good" in whatsoever."

How about posting a thumbnail sketch of your ideas on these accounting changes you feel are necessary on this web site one of these days.

I personally think a "financial collapse" of the world's major economies is already baked into the cake. Our present and historical financial crisis started in 2007, and it was caused because the people at the helms of the good ships of the world's so-called advanced countries over the last 40 years have let a staggering amount of debt get injected into their economies via our fiat monetary system, and the world is now saturated in debt, and an increasing amount of this debt cannot be serviced never mind repaid. The reason the collapse did not occur in 2007, is since then the world's Central Banks and Governments have pumped many trillions of dollars of more debt into their economies in order to "kick the can down the road" and prevent the collapse from occurring on their watch. It is impossible to cure an alcoholic by giving them more alcohol, and it is impossible to solve the world's debt problems by going even further into debt. Our present system is composed entirely of lending, extending, and pretending. (I heard this phrase used on t.v. a few weeks ago.)

In addition to our massive debt problems, over the last 40 years most of the Governments of the world's advanced economies have made a tremendous amount of promises to their citizens with regard to supplying them with health care coverage and retirement "benefits". Unfortunately they did not bother to set any funds aside to account for the huge baby boom generations which are set to turn 65 years old next year.

There is one good thing about a having a catastrophic financial collapse and depression. It gives us a chance to shuffle the deck and build a "system" up all over again right from scratch. After the horrific amount of pain and hardship we are about to go through, the next system we have will have a big time respect for money in it, and this respect for money will last for a long long time.

Please substitute the following for the last sentence in the second to last paragraph of my post.

Unfortunately they did not bother to set any funds aside to account for the huge baby boom generation. The leading edge of the baby boom generation turns 65 years old next year.

Probably the most important week in a generation for American finance and ecology this last week. Huge turning points in history we were here to witness for those that recognize what is going on....

Unfortunately the Cantwell and Feingold amendment didn't pass in the US Senate that would have brought back up the so called Chinese wall for investment bankers... the markets got a long way to go down now because we have no market integrity with the bill that passed... huge turning point for the health of the markets IMO and it signals the end of fair rules based markets for the foreseeable future.

And only now is the US government admitting to the full scale of the environmental disaster and the incompetence of BP to stop the flow of oil in their attempts to recover oil and preserve the well head for future profits.

Huge turning points in history that will effect us all (even here in Canada) for a generation or more.

Have a great weekend all...
and those who drink and drive....please rethink this action or just button up when the tickets happen...

Shall we have a betting pool on what the cost of gas will settle on by the end of the long weekend?

I'm going to climb out on a limb and suggest it will reach a high of $1.12 a liter.

Two very encouraging local developments:

1) the odour and particulates reduction inprovements about to happen at the pulpmills.

2) the letter to the newspaper where a gentleman is threatening to sue the city because both his wife and him have developed thyroid disease due to the addition of fluoride to the city's water supply.

They moved here twenty-five years ago and have been exposed to the fluoride medicated to each citizen by an arm of government which is not licensed to do such.

Fluoride is known to cause a number of medical problems since it accumulates in the human body over time.

The New Zealand dental association has recently done a 180 and no longer endorses the addition of this chemical to drinking water.

All of Europe (in the 1970s) and most of B.C. no longer fluoridate the tap water/shower water/water for the garden.

The detrimental side effects far outnumber any perceived benefits - which can be attained by choice of toothpaste and treatments by a dentist, if so desired.

The city of P.G. will find itself very soon in considerable hot water once people start suing it for damages to their health.

First step: Turn it off!

Gas is $1.04/L in Kelowna last night ; down from $1.08 4 nights ago.

Did everybody "enjoy" their BC Hydro rate increase, like I did? I went from $74/mo equal installments to $85 in one month. That's $132 extra per year and that does not include the increase once the HST kicks in.

Now you know where the funding for Site C is coming from.

Mr. Pylot.

Obviously you live in a bubble. We enjoy some of the cheapest power in the world. Why because of WAC Bennett. When he went ahead and built the Dams, he secured our power prices for half a century. Now we are using more power than we produce. Why because, the average consumer uses more watts per person. we pay about 8 cents per kilowatt of power. The rest of the world is use to paying 20 cents per kilowatt.

If we want cheap power in the future, that is what Site C is all about.

Wind and Solar is not a reliable power source. We all need power when we turn on the switch.

Mr. Pylot, I think its time for you to get out of your shelter and become global.

My guess on the fuel will be 107.9 at the end of the weekend. Which is the same as it is now.

The price of Oil is dropping. close to 20% in the last three weeks. Thus, they are making enough already.

Besides, your question was the end of the weekend. During...well, it might bubble up a bit.

I was at a stop sign yesterday and watched a guy blow through a crosswalk while talking on his cell phone, changing lanes with no signal light. Yeah good driver.

Also can someone go teach the kids at the new Duchess Park how to cross a street before one of them gets killed.

"1) the odour and particulates reduction inprovements about to happen at the pulpmills."

Thank taxpayer handouts to multi mlillion dollar corporations for that.

My city tax notice

2008 = $2100
2009 = $2300
2010 = $2700

a 29% increase in 2 years! WTF!

and my BC assessment didn't increase at a higher rate than my neighbours.

When in the next civic election?

Kolberg, Lets start a city tax watch club. All the members contribute money to hire a watch dog, and make the mayor, council and staff accountable for the spending. I'll throw in money in a heartbeat.

I, don't think City Hall is in touch with reality. It is a few people that has their head stuck in a cloud.

Hydro rates have gone up to pay the very lucrative contracts the developers of run of the river power plants and very costly wind farms. A good portion of Site c power is, put simply, to cover wind power when the wind don't blow.

Wind farms generaly only produce 30% of their nameplate rating over the course of a year. Ever notice when it is very cold or hot for example, no wind. The other 70% has to come from somewhere.

I can't believe that our federal government would hand over a Canadian to American authorities for a "crime" that wouldn't or couldn't be prosecuted in Canada.

How many years did we fight to keep that Californian mass murderer in our country, and he wasn't even Canadian.

Why has there not been big protests over this, or petitions?

Where can I sign up??

Good morning to everyone and welcome to the long snowy weekend. Oh well, at least I don't have to cut the grass today. I see some are posting the price of gas. the national average is 101.552 we are at 107.9 Williams Lake is 99.9. as usual Prince George is one of the highest. Have a good long weekend, and the snow will leave us, so enjoy.

"I went from $74/mo equal installments to $85 in one month"

Exactly what do you use electricity for, assuming it is for your residence?

My bill is just under $70/TWO months. I have a gas hot water heater as well as a gas furnace. Everything else is run with electricity. I do not use electricity to heat any part of the house.

just a small newly indoor crop
;)

I drove south for a week last week. The lowest as always was in the Boston Bar and Yale area at $1.04. In the southern interior it was $1.08. Most other places were the same as here, exept in Vancouver where it was around $1.20. I say around, since I knew it was going to be high there and made sure I filled up before I entered the gates of the most expensive major city in Canada.

The Canadian $ has just taken a nose dive, but so has crude oil (US$67.38). Maybe the two will offset each other. Otherwise, the price should go up by about 4 cents or so to reflect the C$

The price in PEI is 98.7; Calgary 86.9 to 94.9 ... hmm competition .... Vancouver $1.104 to $1.142

Whitehorse 98.2 ..... they are close to all that oil and refineries and they have all that Alaska bound travel guzzling up their motor homes ... LOL.....

This is from a caveman cartoon.

Couple of cavemen talking, " Somethin's just not right--our air is clean, our water is pure, we get plenty of exercise,

Sorry not finished hit post comment by mistake

everything we eat is organic, and free-range, and yet nobody lives past thirty."

A comment on BC Hydro...they claim it is "GREEN" and yet we pay a "INOVATIVE CLEAN ENERGY FUND LEVY"...what in the world is that? a money grab or what?
Are we being penalized for using "CLEAN" Hydro?

I have done everything in my power to reduce Hydro use, now they say they are loosing money so up goes the rates...so once again we are being penalized for saving hydro?

"Somethin's just not right--our air is clean, our water is pure, we get plenty of exercise, everything we eat is organic, and free-range, and yet nobody lives past thirty."

They did not realize that they were breathing in wood smoke when around the fire cooking, eating, keeping warm. It took 30,000 years to discover that.

Same with drawing water from surface sources.

Same with eating plants from swampy areas.

And rancid meat.

And then of course, they were a serious part of the food chain to larger animals. And, when they went on their hunting job, they did not wear the right personal protective gear since they did not have WorkSafeBC looking out for their well being. They tripped a lot, fell into sharp branches, pocked out their eyes and often drowned as they were swept downstream.

You should look at the workplace fatality statistic from those days! They are unbelievable!!!!

Dragonmaster:"Thank taxpayer handouts to multi mlillion dollar corporations for that." (for the grant to the pulpmills).

I am NOT upset about that! I want cleaner air! If that is what it takes, so be it!

I gave the federal government permission to take some portion of the vast sums of money that it has been frittering away in Afghanistan hunting shadows to help us here instead with cleaner air and safer roads!

My Hydro bill averages about 40 bucks a month - it is an unbelievably low and affordable charge and one of the enduring legacies of a past government which had foresight and a positive vision of the future!

Anyone checked out the Nechako Public Market yet? It's great and about time we got something like that in PG. It's every weekend and there are indoor & outdoor booths. I've been twice now & each time it's different. Last weekend they were selling organic produce, eggs, baking, leather goods, jewelry, clothing, concession, potted plants & so much more. There is lots of games & entertainment for the kids too. I was impressed and will go again for sure. I was told by one of the vendors that the plan is to expand it to all the classrooms in the school. I sure hope it continues to be a success.

He Spoke...

What part of the world pays 20 cents Kwh? Oh riiight! Europe does. So we should pay more because they do? What kind of rational is that? I could not find a single North American hydro rate that comes even close to that "world" rate you mentioned. Nearest was New York at 16 cents and one of the most expensive places to live on the planet. Any local close to BC had rates of 6.37 cents in Washington State, 7.02 in Oregon, 7.13 in Montana and 5.7 cents in Idaho.

Our rates would be just fine if our Fiberal gov't wasn't busy doing somersaults to subsidize big industry of their hydro needs. Example:

$400 million Northwest Transmission Line with the main purpose of supplying subsidized electricity to potential new mines in the region. This is all part of Bill 17 (aka Clean Air Act)... I've also seen it referred to as the "Act to Take BC Citizens to the Cleaners".

I don't live in a bubble whatsoever. I think quite globally but I'm protective locally. Something maybe you should consider from time to time.

Gus...

my entire home is heated with hydro. I live in an older neighborhood of PG that does not have natural gas running to the house. While my hydro bill may be higher than most, I pay zero for natural gas heat of any kind.

Loki...

I wouldn't know of such crops... but you seem well versed. :-D

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Had to renew my Costco membership the other day and guess what, I had to pay the HST and they said there is nothing they could do about it.
I can't see the working class stopping the HST by signing a piece of paper.

seamutt... it isn't that safe to hunt a moose, bear or buffalo with a pointy stick. They also had to deal with starvation... none the less still a funny cartoon ;)

Thank you for the explanation Pylot ... Now it makes sense.

Well charles, that was an awesome post but it appears to have fallen on deaf ears. I really cant add any thing as you have said it all.

I will however make this comment. Is there any wonder why we have so much National debt When you look at personal debt it probably runs close to the debt of our governments.. It is unbelievable that the banks should be recipients of billions of dollars from our government. You cant eat dollars.

The other big problem is that profits only produce more money when in fact the money should go towards developing secondary industry so that the overall economy would grow. But I guess to keep those that build our economy poor in debt and under control helps big business grow

Well, somebody has to say it -- so I will.

This past wonderful week saw the actual, honest-to-god start-up of the Basi Virk Bask trial, also known as the BC Rail Corruption Trial.

And so far, under the fearless cross-examining by one of the Defence Lawyers, some amazing information (and incredible points of view) have been revealed.

I started my blog 4 years ago, when this trial was first scheduled to begin. There have been 1,500 postings since then. But news is pouring in now -- and news of the BCRail trial is spreading around the world, too. If interested, Google The Legislature Raids or Trial of Basi-Virk.
.

Shout out for BC Mary and other coverage of the BC Rail trial

On May 18, 2010, the BC Rail corruption trial finally began, over six years after police raided the BC Legislature for government corruption in December 28, 2003. Unsurprisingly, this trial has been surrounded by startling allegations of conspiracy against BC Liberal leaders like Premier Gordon Campbell, and by heated conversation between the prosecutors and the defenders.

Financial connections have been allegedly uncovered between those under trial--Dave Basi, Aneal Basi, and Bobby Virk--CN Rail chairman David McLean, and Premier Campbell. However, the trial has been mainly about whether or not such connections influenced the sale of BC Rail to CN Rail.

However, amidst the lack of open information and widespread accusations, one individual has managed to maintain an incredibly informative blog on this controversial issue: BC Mary, an internet blogger who despite retaining her anonymity has become a trusted source. In her blog named The Legislature Raids, she posts excerpts of the trial and fragments of newspaper articles discussing it. And more impressively, she has done this since the controversial issue emerged several years ago.

How BC Mary decides to present the information is important, as it serves to demonstrate to the reader the direction and tone the trial is taking. Consequently, for anyone who wants to find out for himself (or herself) more information about this topic, The Legislature Raids is the blog to visit.

However, BC Mary has not been the only one keeping the public notified on this issue and ensuring the openness of the trial. Others include Bill Tieleman, Tyee, Laila Yuile, Sean Holman from the Public Eye Online, Norman Farrell from the Northern Insights, and Ross K from the Gazetteer.

http://www.vancouverobserver.com/blogs/politicaljunkie/2010/05/21/shout-out-bc-mary-and-other-coverage-bc-rail-trial

Charles, I'm sorry to be so slow in replying to your request, I've just now read your post and those of others on this thread.

The fundamental problem, and one that has been with us for a lot longer than the last forty years, is that no modern industrial economy is fully financially 'self-liquidating' in each successive cycle of production.

Until we restore that, un-repayable debt will continue to grow, both publicly and privately ~ with periodic transfers of the floating debts of the private sector into the fixed debts of the public one being necessary to keep the flawed accountancy functioning.

The assumption being that government can always tax, and if unable to repay the debt itself, which it generally is, it can continue to pay interest on it, ad infinitum.

Even with interest rates at historic lows, it can't. For all taxation collected in 'money' is ultimately based on 'incomes', and if the financial system cannot fully liquidate 'costs' through 'price' now, it seems pretty clear that 'incomes' are already insufficient collectively ~ and increased taxation only makes them ever the more so.

The 'cure' is to properly relate the "financial system" to the actual physical realities of production and consumption it's supposed to accurately reflect. But doesn't.

Capitalism, in spite of all the bad things often ascribed to it, is fundamentally a system of fixing Prices in relation to Costs. This is easily accomplished in every *individual* business through the rules and conventions of double-entry cost accountancy.

But in the economy AS A WHOLE there is currently no mechanism to ensure that there is always an adequate amount of 'money' in the hands of the general public to fully enable it to actually buy all the products it's produced. Or alternate ones we receive through trading our surplus production for necessary or desired imports. That's what we have to correct.

It is not difficult to create such a mechanism. What it would do is enable Prices actually paid by Consumers, for all products and services, to bear the same ratio to Cost as total National Production bears to total National Consumption over any previous chosen fiscal period, and "compensate" from new credit issued by the Bank of Canada the difference to the retailer between his nomally accounted for Price, and the generally lower one the public would then pay.

The basis for this 'new credit' is NOT taxation, but in our increased use of our existing REAL CREDIT ~ our ACTUAL capacity to PRODUCE to the full limits of existing plant, or the satiation of Consumer demand, whichever comes first.

bill:-"I can't see the working class stopping the HST by signing a piece of paper."
---------------------------------------
Sign it, Bill, and you'll soon find out.

Seamut wrote, "Wind farms generally only produce 30% of their nameplate rating over the course of a year."

------

I disagree with the above statement. I have an uncle that sells and installs windfarms. The wind mills he sells have whats called a 95% availability... if it doesn't produce 95% of its rated output than the manufacture of the wind mills will pay for the going rate for everything short of the 95% availability. Its the way they are able to secure the financing for every single $2 million dollar wind mill... if you have your revenue guaranteed by the manufacture of the wind mills, then you can work out a guaranteed payment schedule for the equipment... most wind mills will pay for themselves every 5-6 years based on the 95% availability at going hydro rates.

Using the 72 rule that's a return on investment of close to 14% guaranteed by the manufacture of the wind mills. If you arbitrage the difference between your cost of borrowing its a safe return of 8-9%.